Decentralized applications have transformed into the innovation capital of the cryptocurrency market. The space of cryptocurrencies has also undergone great evolution lately. All these platforms transformed the traditional finance in the year 2024 and also established new paradigms of digital asset management. To know more about the top 10 DApps take a look below.
What Are DApps?
DApps are peer-to-peer apps that work on blockchain networks. These apps are known for their direct access to customers, meaning there is no intermediary of authority controlling these apps, and users have access to almost everything they need. These DApps use smart contracts to automate the whole transaction process, giving all the control of digital assets to the users only.
Almost all the DApps are transparent, so if you wish to see a code of any app, you can easily get access to that as well. The smart contracts in these applications are used for verifying and enforcing negotiations of contracts.
Top 10 DApps In 2024
These have evolved from being a Memecoin to a staking platform; all the DApps mentioned below have brought in such high revenues across 2024 and successfully transformed the way users work with digital assets. Each of these decentralized apps has brought solutions to different market requirements, which make staking easy for new and old users alike. They give a smooth trading experience and create very unique financial instruments. The top 10 DApps that dominated 2024 have great performance in generating revenue, user adoption, and reshaping the whole decentralized finance.
1. Sky
Sky, previously called MarkerDao, is a stablecoin decentralized platform. In quarter 3 of 2024, this platform generated $261 million in revenue. This platform represents the MarkerDAO protocol. All the success comes from the DAI stablecoin and a very different and significant lending system.
The native coin of SKY is called MKR, and it has 6x revenue, which has the potential for generating more revenue if invested in for a long period. Sky has become a huge success because it uses a strategy of using real-world assets.
2. Pump.fun
Pump.fun is a memecoin decentralized app and is one of the leading platforms in the cryptocurrency space. It has ranked $262 million in Q3 in 2024 and leads the revenue-generating industry as well. Pump.fun is a Solana-based memecoin that has completely changed how users connect to meme cryptocurrencies. This DApp platform offers all users a very easy and fun interface. And the best part about this app is that anyone can launch a memecoin with just one click.
Apart from this, users are also provided with security. There is no native coin to this platform, but the revenue model of Pump.fun has been very effective in generating revenue and making it the fastest-growing cryptocurrency app.
3. Aerodrome Finance
Aeromdrome Finance is Base Network’s crown jewel, which generated $192 million in revenue. Aerodrome Finance has become an integral part of Coinbase’s base network. This app controls over 55% of on-chain token swaps leading. The success of this platform is attributed to its innovative liquidity provision mechanisms and active governance model.
The AERO token’s remarkable 1,300% return since February 2024 shows the growing dominance of the platform. Aerodrome liquidity pools and competitive fee structure have made it the go-to DEX for Base Network users.
4. Lido Finance
Lido Finance is a decentralized app based on Ethereum staking with $93 million in revenue generation. It has transformed Ethereum staking accessibility by controlling 28% of staked ETH. It allows users to take part in staking with just a mere $1. Its liquidity staking solution, providing stETH tokens, enables users to maintain liquidity while also earning staking rewards. This LDO token has a 13x revenue multiple, which shows the important role of this platform in the Ethereum ecosystem.
5. Ethena Finance
Ethena Finance Synthetic Assets Earning $112 million through its unique and innovative USDe stablecoin, it has redefined synthetic dollar creation completely. Athena Finance’s unique delta-neutral position strategy ensures stable value while generating revenue through funding and basis spread.
This platform launched its DEX called Ethereal and is looking forward to expanding its services. ENA is the native token of the Ethena Finance platform valued at 42x revenue multiple. This platform shows strong market confidence in its unique approach.
6. Jupiter
Jupiter Solana Trading platform, which generates $75 million in revenue. It has become Solana’s premiere DEX. The platform’s success is based on its comprehensive trading features, like the Jupiter mobile app and the Ape.Pro platform, which is specially made for meme coins. It even surpassed UniSwap in daily trading volume and also launched its JUP token. This DApp platform continues to innovate with new user-centric features. The platform has a 118x revenue multiple that shows its growth expectations.
7. Raydium
Raydium is Solana’s DEX with an earning of $62 million in revenue. It has capitalized on the Solana blockchain’s growth. The DEX platform has benefited mainly from the 2024 memecoin trend and also increased its transaction volumes. The success of this platform is mainly in generating higher revenue than many L1 and L2 solutions, showing its efficiency. The RAY token’s 14x price-to-earnings ratio also shows how strong the market position is held by Raydium.
8. Aave
Aave is a lending protocol pioneer with over $70 million in revenue. This platform maintains its position as DeFi’s leading lending protocol and platform. Aave works across 13 blockchains with $12.8 billion in TVL and has been consistently evolved since its 2018 launch. It generates revenue through its interest and liquidity fees, while its native token AAVE trades at 38x revenue multiple. Aave also has a multi-chain presence and a proven record, making it a cornerstone in DeFi lending.
9. Velodrome Finance
Velodrome Finance is Optimism’s trading hub, which generates $22 million in revenue. It leads a DEX activity on optimism. This platform is made by the same team that created Aerodrome Finance; it has established a strong presence despite facing competition from the new L2 solutions. The native cryptocurrency of this platform is called VELO token and has an 8x price-to-earnings ratio, which suggests a conservative market valuation while maintaining solid performance as well.
10. PancakeSwap
PancakeSwap is a multi-chain decentralized exchange platform. So far, it has generated revenue of over $49 million. Recently, PancakeSwap has successfully expanded beyond BNB chains. PancakeSwap features a very user-friendly interface along with some fantastic specific features.
This platform is now operating on 9 different blockchains. It has generated a trading volume of $858.9 billion as well. CAKE is PancakeSwap’s native cryptocurrency token, which has been trading at 16x revenue multiple and reflects its established market position.
Overall
The dominance of the top 10 DApps in 2024 given below in the cryptocurrency market shows innovation and an opportunity to grow. Each of the platforms above has been able to carve out its niche by meeting specific market requirements but remaining true to the essence of decentralized apps.
The combined success of DApps means that DeFi is not only an inflexible model but also hints at a future in which decentralized apps will increasingly form the backbone of global finance. More and more are growing in the cryptocurrency industry, all serving as benchmarks for innovation and sustainable growth in the decentralized world.
